Polkadot: What Uptick in USDT Revenue Could Mean for DOT Traders

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Polkadot released its latest weekly digest, highlighting all significant developments that the ecosystem experienced within the previous week. The updates appeared attractive as they increased the network’s capabilities while ensuring more value to users.

For example, it mentioned the latest Darwinia and Moonbeam integrations. The new update will enable RING cross-chain coin transactions & connected contract interactions through Darwinia’s Universal Messaging Network.

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Polkadot saw more impressive news as it recorded surges in USDT revenue over the previous week, hitting more than $900. Besides, the crypto’s daily transfer count recorded upsurges toward 12.26 million before declining.

What About Metrics?

Polkadot reflected the discussed developments in its on-chain metrics – a green sign for the blockchain. The asses recorded increased development activity over the past week, indicating the developer’s efforts to enhance the network’s capabilities.

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Nevertheless, DOT’s development activity slumped during this publication. Also, its social volume spiked a few times within the past week, showing surged popularity of DOT. Surprisingly, Polkadot’s NFT sector could have contributed to the surged revenue.

Santiment indicated that NFT trades & trade volumes (in USD) hiked the same day the DOT’s revenue presented upsides. Also, Polkadot’s new addresses recorded increases lately, following somewhat stretched declines – a positive sign.

What May Trouble Investors

Though the developments, the daily chart didn’t reflect improvements, recording a 4% decline over the past week, saddening investors. Coinmarketcap data shows DOT changed hands at $5.95 during this publication, within its market cap of above $6.7 billion.

Some metrics revealed why the alternative token struggled to climb last week. For example, Polkadot’s weighted sentiment index plunged substantially within the past week before the press time uptick. Furthermore, Polkadot’s stakers maintained downtrends, printing a negative sign for the altcoin.

Meanwhile, the broad crypto market saw improved cues within the previous day. Bitcoin rallied past the $20K hurdle after gaining 4.71% within the last 24 hours. While publishing this content, the leading crypto changed hands at $20.251. Time will tell whether the market can sustain the upsides.

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